CALGARY, ALBERTA–(Marketwired – June 20, 2017) – Spartan Energy Corp. (“Spartan” or the “Company“) (TSX:SPE) announces that at its annual general and special meeting (the “Meeting“) of the holders (“Shareholders“) of common shares (“Common Shares“) of the Company held on June 20, 2017 the five nominees were elected as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The vote was passed by way of ballot and the directors received the following votes for their election:
|Name||Votes For (%)||Votes Withheld (%)|
|Richard F. McHardy||350,039,396 (97.38%)||9,430,685 (2.62%)|
|Reginald J. Greenslade||310,474,608 (86.37%)||48,995,473 (13.63%)|
|Grant W. Greenslade||303,795,011 (84.51%)||55,675,070 (15.49%)|
|Michael J. Stark||311,915,294 (86.77%)||47,554,787 (13.23%)|
|Donald Archibald||310,478,368 (86.37%)||48,991,713 (13.63%)|
The complete report on voting results is available on Spartan’s SEDAR profile at www.sedar.com.
COMMON SHARE CONSOLIDATION
Spartan announces that, at the Meeting, a special resolution was passed authorizing and approving the Company to consolidate the Common Shares on the basis of one post-consolidation Common Share for every three pre-consolidation Common Shares (the “Consolidation“).
Following Shareholder approval of the Consolidation, the Company’s board of directors set June 20, 2017 as the effective date of the Consolidation and filed Articles of Amendment to give effect to the Consolidation. Trading of the Common Shares on a post-Consolidation basis on the TSX will commence on or about June 23, 2017.
The 526,808,886 Common Shares currently issued and outstanding will be reduced to approximately 175,602,962 Common Shares on a post-Consolidation basis. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.
Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate(s), together with the duly completed letter of transmittal, with Alliance Trust Company, the Company’s registrar and transfer agent. Non-registered Shareholders holding Common Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.